Intervention threat curbs dollar’s ascent towards new high on the yen

The dollar was on the front foot on Monday and kept the yen pinned near a multi-decade low, though the threat of currency intervention from Japanese authorities prevented the greenback from heading further north. The yen last stood at 151.25 per dollar, having bottomed at a four-month trough of 151.86 last week that left it within striking distance of a 32-year low near 152 per dollar hit in 2022. Japan's top currency diplomat said on Monday the yen's current weakness did not reflect fundamentals, adding to the rhetoric of government officials who have stepped up warnings in recent days over the currency's decline.